Someone in Singapore needs to send my son money, but they don’t know how to do it cheaply.
We are doing a little research, but the CC collective wisdom sometimes amazes me, so I fugured I’d ask.
Thanks
The sender should start with his/her own bank, and find out what a wire transfer costs & your son should find out if his band/credit union charges anything. If this is something that will happen more than once, there may be the chance that the cost can drop to almost nothing…
How much money and how quickly?
If it’s a large sum and he has a bank acct in Singapore, then do a wire transfer. There’s a fee.
If it’s just pocket money he needs & he has an ATM card, then do a domestic electronic funds transfer to his checking acct. Free.
Thanks. I am going to see if she has checked with her bank. It seems like it should not be very expensive, but what do I know. It’s a one time thing.
What about Paypal?
@emilybee, I saw that option, but I can’t ell how much it would cost, given its international. She’s there, he’s here in US. Do you have any idea? Thx
IIRC, Paypal doesn’t cost anything, but I think you have to do a small transaction first (like $1) when setting up the account. After it clears - I think they credit back to you. There is no other charge. Both would need to set up a Paypal account.
There are a number of scams that involve sending money from SIngapore.
But, the best way is bank to bank wire transfer.
@emilybee, when I looked at their site, it looked like there would be a charge for international transaction. Do you know differently? Thx
I never had a charge to send money to the UK. Just the initial small amount to set up the account.
Thx. I will follow up on that.
YW.
My H told me I am remembering incorrectly and there is be a small currency conversion fee but it’s really small, like a few dollars, if that.
Are you sure this is a legitimate transaction and your son isn’t getting scammed?
Is he giving the ‘person in Singapore’ his bank account information?
Is she overpaying him and then he needs to send her a ‘refund’?
I doubt there are any scams involving Singapore; Kenya, Ghana, perhaps,but not Singapore. Laws are very strict in Singapore and punishments are swift and severe.
As I remember OP’s son has gone to Singapore to visit a female friend last month.There was a thread about the trip.
LOL. Sometimes you wonder how crooks can succeed, but then you see attitudes like this.
SIngapore figures prominently in online and money scams.
You can get a lot of info by asking your own bank how they wish to receive the money, the procedures and various charges. There are id numbers that need to be synched up, including a swift code. Some banks here only have certain “corresponding members” or whatever it’s called. I get an annual royalty from England via international wire transfer and any fees on this end are now pretty low. As Emily said, a few dollars. Then I get confirmation from my bank. But I’m dealing with a professional organization.
Yep! All you have to do is google Singapore online scams to read all about this flourishing problem.
Isn’t singapore one of the squeakiest “clean” countries in the world?
FYI, 2014 Global Corruption Index:
http://www.transparency.org/cpi2014/results
There it is at #7 out of 174 countries, between switzerland & the Netherlands.
Sheesh, what is this deal?
^^You mean, what is the transaction resulting in the person from Singapore needing to send money to the U.S.?
Or, what’s the big deal with discussing whether Singapore is squeaky clean or a country burgeoning with online scams?